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Strategy Development Tools Assignment

   

Added on  2021-01-01

7 Pages1716 Words24 Views
Leadership Management
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COMPETITIVE STRATEGY
Strategy Development Tools Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Strategy development tools and their implementation ....................................................................11. SWOT analysis........................................................................................................................12. PESTLE...................................................................................................................................23. Generic strategy development tool .........................................................................................34. Ansoff strategic tool................................................................................................................4CONCLUSION ...............................................................................................................................5REFERENCES ...............................................................................................................................6
Strategy Development Tools Assignment_2

INTRODUCTIONStrategy development is one of the vital aspect for success of organisation as greaterextent of success depends on effectiveness of strategies (Fleisher and Bensoussan, 2015). Thereport will analyse various strategy development tools with reference to Wesfarmers. Thisorganisation is one of the leading organisation of Australia and deals in retailing, safety andindustrial products as well as chemicals and fertilisers. Strategy development tools and their implementation Strategy development tools helps organisation to formulate strategies with minimum risklevel and maximum possibility of increasing profits. These tools are based on principle toanalyse the existing resources of organisation and rapidly changing market behaviour so thatorganisation can use its available resources with their optimized utilization. These tools usevarious methods to analyse the factors which could affect organisational goals and methods toexecute them (Wheelen and et.al., 2017). Wesfarmers can use following strategy developmenttools for effectively formulating and managing its business strategies: 1. SWOT analysisThis strategy development tool helps Wesfarmers to analyse its internal factors such as itsstrength, opportunities, possible threats which organisation may suffer and its weaknesses. Thisanalysis helps organisation to develop strategies which can use its strength with suitable planningto avoid threats and to explore huge opportunities. The biggest strength of Wesfarmers is that itis well established organisation in New Zealand and Australia thus its innovative strategies mustensure that they do not weaken the brand value of organisation in these regions. The organisationdevelops strategies which aims at sustaining its high brand value and customer retention. Theorganisation employs highly skilled human resources for sustaining its large communicationnetwork (Rangkuti, 2015). In order to sustain its brand value and growth organisation mustidentify its weakness so that it can retain its success for long term Wesfarmers is diversifiedorganisation which operates in various product lines such as retail, chemical and industrialproducts. Thus, it is difficult to maintain the same profit and quality in all segments. Thus, whenconsumers have negative response towards any product range then without trying other servicethey develop negative image and it affects the overall performance of organisation. Theorganisation has vast opportunities in retail sector by operating via online services. Wesfarmers1
Strategy Development Tools Assignment_3

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